Phyllis T. Jacobs: Long-Term Care Planning Is Her Cup of Tea

AUTHOR(S)

Opiela, Nancy

PUB. DATE

July 2000

SOURCE

Journal of Financial Planning;Jul2000, Vol. 13 Issue 7, p124

SOURCE TYPE

Academic Journal

DOC. TYPE

Article

ABSTRACT

Features Phyllis T. Jacobs, a financial planner in Portland, Oregon. Expertise of Jacobs in the field of long-term care insurance; How Jacobs became a financial planner; Advice to people who want to enter the financial planning sector.

Provides advice to financial planners on introducing the long-term care (LTC) insurance issue to their clients. Importance of LTC insurance discussion between clients and planners; People who need LTC; Stories to emphasize the importance of LTC insurance; Way of introducing the LTC topic to clients.

The article presents answers to questions about long-term care insurance (LTCI), including who should financial advisors should be targeting for LTCI and what the survey and studies show about who is buying this protection and why.

Advises financial planners to include long-term care insurance (LTCI) in their clients' financial plans. Studies on the need for and utilization of long-term care; Exclusion of long-term care in medical insurance policies; Description of a case to illustrate various aspects of LTCI.

The article discusses several facts that financial advisors should discuss with baby boomer generation prospects that emphasize the need for long-term care. It discusses the threats of retirement, namely, financial risk and emotional risk of having to put all finances toward unexpected care. It...

Discusses how a financial advisor can identify a plan which can convince a client to buy long-term care insurance and at the same time find the money to pay for it. Need to know how much money and income the prospect has to work with; Customization of the policy by omitting inflation...

Many financial planners routinely recommend long-term care insurance for their older clients, often citing alarming statistics to support their recommendations. However, according to the author of this article, these commonly cited statistics are based on faulty statistical analysis. In fact...

Increased life expectancy is creating a greater need for long-term care planning. Yet many financial planners are failing to adequately discuss the issue with clients. Even planners who think they've adequately addressed the issue just by bringing up long-term care insurance to clients may find...